Farmers Loop, AK Cost of Living

Farmers Loop cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.

A general summary of the cost of living index in Farmers Loop, AK is shown above. Compared to the state average of Alaska the cost of living index in Farmers Loop, AK is 131, which is 1% higher than the average in Alaska and compared to the national average it is 31% higher than. The cost of living index is made up of several categories. These are transportation at 9%, utilities at 10%, goods and services at 33%, housing at 30%, groceries at 13%, and health care at 5%. The bulk of the cost of living index comes from the categories of goods and services and housing. If you look at everyday goods and services they can be a good indicator in a certain city of the general costs of goods there. In Farmers Loop, AK goods and services come in at 1% higher than the average in Alaska and are 21% higher than compared to the nationwide average.

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How would you rate the cost of living in Farmers Loop?Excellent. Goods, services and housing are all very affordable.Good. Most goods and services are affordable.Poor. Everything is more expensive than I'd like.Awful. You'll have to take out a loan to live here.View resultsWrite a review to give others more information about this area.Is the cost of living increasing or decreasing in Farmers Loop?Decreasing rapidly. Costs are dropping at a rapid rate.Decreasing steadily. Costs of goods and services are declining.Increasing steadily. Prices are increasing, but at a reasonable rate.Increasing rapidly. I can barely keep up with the increasing prices.View resultsWrite a review to give others more information about this area.

Did you know?

The cost of living in Farmers Loop is 1% higher than the Alaska average.

The cost of living in Farmers Loop is 31% higher than the national average.

The cost of housing in Farmers Loop is 18% higher than the national average.

Compare Farmers Loop, AK Cost of living To Other Cities

Salary Calculator

I currently make 50,000This is how much you would need to earn in Price difference in compared to

Cost of living index

Goods & Services index

Groceries index

Health care index

Housing index

Transportation index

Utilities index

The salary calculator is used in order to provide a comparison of your current salary in Farmers Loop, AK to another city of your choice. The calculator will inform you of what your salary needs to be in any specific city in order for you to maintain your living standard based on what the city’s cost of living is. As an example, if you are seeking to move to a city that has a higher cost of living compared to Farmers Loop, AK, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Farmers Loop, AK salary calculator, input the new city’s name and then move the slider to indicate your current income. The salary calculator will now process the numbers and show you whether you need to earn more or less in the chosen city. A comprehensive breakdown of the cost of living will also be shown.

Median Income & Debt-To-Income Ratio

Median Income

Per Year

Per Month

Max Budget (28% DTI)

Max Budget (36% DTI)

Owners

$110,656

$9,221

$2,582

$3,320

Renters

$45,099

$3,758

$1,052

$1,353

The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Farmers Loop, AK as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Farmers Loop, AK homeowners, is $110,656. This would allow for a maximum of $2,582 per month to be spent on housing costs. For renters, the median monthly income is $45,099 which would result in a maximum of $1,052 to be spent on rental costs.

Alaska Sales Tax

State

General Sales Tax

With Max Surtax

Alaska

0%

7%

Alaska Income Tax

State

Income Tax (Low)

Income Tax (High)

Alaska

0%

0%

When considering the overall cost of living expenses in Farmers Loop, AK, it's important to take into account the sales tax for Alaska, as well as the rate for income tax in Alaska. Goods and services sold to consumers in any state have some form of sales tax. Each state has its own tax code, which means that sales tax rates vary from state to state, ranging from over 7% in some states to as low as 0% in others. The maximum surtax for Alaska is 7%, and the sales tax in the state of Alaska is 0%. Alternatively, the tax imposed on your income by the state government is known as income tax. The rate for this tax also varies from state to state, and your rate is affected by your tax bracket, which is determined by your level of income. Income tax rates might be as high as 9%, down to as low as 0%. The range for income tax rates in Alaska starts from 0% and goes up to 0%.

Goods & Services

Item

Farmers Loop

National avg.

Difference

Haircut

$14.31

$16.09

11.0%

Beauty Salon

$47.15

$37.33

26.3%

Toothpaste

$2.97

$2.45

21.5%

Shampoo

$1.09

$1.00

8.9%

Movie

$13.17

$10.28

28.1%

Bowling

$5.00

$4.93

1.4%

Groceries

Item

Farmers Loop

National avg.

Difference

Ground Beef

$4.88

$3.80

28.3%

Fried Chicken

$1.65

$1.40

18.4%

Milk

$2.51

$2.01

24.9%

Potatoes

$3.54

$3.01

17.6%

Pizza

$12.66

$9.89

28.1%

Beer

$10.06

$8.90

13.0%

Health Care

Item

Farmers Loop

National avg.

Difference

Optometrist

$227.00

$102.16

122.2%

Doctor

$184.00

$108.36

69.8%

Dentist

$150.43

$92.53

62.6%

Ibuprofen

$9.98

$9.28

7.6%

Lipitor

$444.56

$425.82

4.4%

Housing

Item

Farmers Loop

National avg.

Difference

Home Price

$243,400.00

$184,700.00

31.8%

Avg. Mortgage Payment

$1,576.61

$1,202.44

31.1%

Apartment Rent

$829.00

$949.00

12.6%

Transportation

Item

Farmers Loop

National avg.

Difference

Gasoline

$2.96

$2.24

32.1%

Tire Balancing

$46.99

$46.29

1.5%

Utilities

Item

Farmers Loop

National avg.

Difference

All Electricity

$490.93

$165.96

195.8%

Phone

$36.65

$28.68

27.8%

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.